Dollar General CEO Rick Dreiling Announces Retirement Plans
(Benzinga Lightning Feed Via Acquire Media NewsEdge) Dollar General Corporation (NYSE: DG) announced today that its chairman and chief executive officer, Rick Dreiling, 60, has informed the Board of Directors of his intent to retire as CEO effective May 30, 2015 or upon the appointment of a successor. Dreiling has agreed to serve, at the discretion of the Board, as chairman during a transition period following the appointment of a new CEO.
Dreiling has served as CEO since January 2008 and was named chairman of the Board in December 2008. Under his leadership, the Company's annual sales have increased more than 80 percent to $17.5 billion in 2013 and store count has increased by 38 percent to more than 11,000 stores in 40 states.
"Dollar General is a great company because of our people and our mission of Serving Others. I am extremely proud of Dollar General's track record of success over the past six years, and I am honored to have had the opportunity to lead such an experienced and talented team. Dollar General is in a strong position today, and I'm confident it has excellent prospects for the future. After considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement. I plan to work with the Board of Directors on recruiting and mentoring a new CEO,” Dreiling said.
Mike Calbert, the Company's Lead Director, said, “Rick Dreiling has proven that he is clearly one of retail's leading CEOs. On behalf of the entire Board of Directors, I want to thank Rick for his outstanding leadership. During his tenure as CEO, Rick has driven significant shareholder value and led the Company's improvement on essentially every key operating metric. In addition, he has recruited and developed an outstanding management team and strengthened the Company's culture and mission. The Board is confident the Company is well-positioned as we search for a new CEO. We're fortunate to have Rick in his role until the new CEO assumes these duties.”
Dreiling's retirement date and any agreement regarding continued service on the Board of Directors are expected to be finalized as part of a retirement agreement between Dreiling and the Company. The Board of Directors is conducting an internal and external search for a CEO.
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